Yes, it would certainly dry out, especially as the majority of the bird is white meat which has a tendency to dry out even with the skin on. The skin keeps the bird moist. You could stuff seasonings under the skin (herbs, chopped garlic or onion) by loosening the skin first: thigh area, breast area, neck area. It is not hard to do. then shmearing the aromatics underneath. That will season and moisten the meat, and those who wish can remove the skin when serving. At any rate, since turkey is usually carved and sliced, the individual pieces do not have that much skin on them--just a sliver each really. (Except the legs and wings.)

This is going to sound really strange. When I roast chicken breasts I sometimes remove the skin and then I season mayonnaise with my favorite herbs: sage, thyme, rosemary, oregano and other herbs, salt and pepper, and then I slather the mixture over the chicken. It would probably work with turkey.

Paula Wolfert has a recipe for steamed chicken with a variation for a small turkey (6-7 lb)...She says the skin is rubbed with butter and saffron, then the cavity stuffed with either small white onions, wild greens, rice tomatoes olives and cured lemons spiced with cayenne, and has a lovely delicate taste. It must be eaten immediately, not reheated. Steamed in a couscousiere, covered with cheesecloth, over simmering water for 2 hours. Sounds lovely, though maybe a little too unusual for Thanksgiving. Probably you could remove skin prior to steaming.